- Leads the way in ensuring a regulated future for cryptoassets
- eToro ecosystem acts as a bridge from the old world to the new
eToroX, the digital asset subsidiary of global investment platform eToro, has been granted a distributed ledger technology (DLT) licence from the Gibraltar Financial Services Commission (GFSC).
eToroX was created in 2018 by eToro, the global multi-asset investment platform with over 10 million registered users. eToroX is responsible for defining and executing eToro’s vision around blockchain and the development of cryptoassets. It provides the evolving product range and infrastructure to support the growth of tokenized assets. Today, eToroX manages eToro’s newly launched wallet and will run the forthcoming exchange.
Commenting on the news Yoni Assia, Co-founder and CEO of eToro, said: “We believe that cryptoassets and the blockchain technology that underpins them will revolutionize global finance, bringing about the greatest transfer of wealth ever onto the blockchain. In the future all assets will be tokenized and we are just taking the first steps on this journey. Just as eToro has opened up traditional markets for investors, we want to do the same in a tokenized world and the creation of eToroX will help us do this.”
As a group, eToro has long led the way in developing a robust regulatory framework for DLT businesses and operations, including being a founding member of CryptoUK, which was the world’s first self-regulatory body for cryptoasset companies.
Yoni Assia continued: “We are proud to say that we are amongst the first companies in the world to obtain a licence for cryptoassets and one of very few regulated companies in the crypto space.”
The GFSC’s new model for licensing DLT companies sets out nine regulatory principles designed to protect users of DLT whilst encouraging innovation to flourish. The principles include requirements for licence holders to have systems in place to prevent, detect and disclose financial crime risks such as money laundering and terrorist financing, and to maintain appropriate financial and non-financial resources.
Commenting on the licence Doron Rosenblum, Managing Director of eToroX, said:
“We believe that a strong system of regulation will support the mass adoption of blockchain technology, including cryptoassets. We don’t need to reinvent the wheel to regulate blockchain. Whilst blockchain brings some unique challenges to regulators, we can protect users and help support new ideas by applying the same fundamental principles as we have in other financial markets.
“The GFSC has been forward-thinking in developing this framework and we hope it serves as a blueprint for other markets. The licence process has been thorough but by working closely with the GFSC we are pleased to say that we now have a licence and look forward to supporting the growth of tokenized assets.”
eToro acts as a bridge between the old world of investing and the new, helping investors navigate and benefit from the transition of assets to the blockchain. eToro is the only regulated brokerage service where investors can deposit fiat and then trade or invest in cryptoassets alongside more traditional assets such as stocks or commodities.
Yoni Assia added: “The launch of our wallet and the forthcoming exchange are big steps for eToro in expanding our crypto offering. With the launch of our wallet, we can for the first time provide clients with a means of transferring cryptoassets away from the eToro platform. With the eToroX wallet, customers are able to send and receive crypto via the blockchain.”
The wallet is a new product which is being rolled out on a phased basis both in terms of geographic reach and functionality.
eToroX is a subsidiary of the eToro Group. The business was formed in 2018 to provide the infrastructure to support eToro Group’s commitment to facilitating the evolution and growth of tokenized assets. It provides eToro’s newly launched wallet and will run the forthcoming exchange.
The distributed ledger technology (DLT) provider licence was granted by the Gibraltar Financial Services Commission to eToroX in December 2018 (licence number FSC1333B).
eToroX is incorporated in Gibraltar with company number 116348 and its registered office is at 57/63 Line Wall Road, Gibraltar.
eToro empowers people to invest on their own terms. The platform enables people to invest in the assets they want, from stocks and commodities to cryptoassets. eToro is a global community of more than ten million registered users who share their investment strategies; and anyone can follow the approaches of those who have been the most successful. Due to the simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.
eToro is regulated in Europe by Cyprus Securities and Exchange Commission and regulated by the Financial Conduct Authority in the UK.
Cryptoassets are a highly volatile, non-regulated and are not appropriate for all investors. Trading cryptoassets is not supervised by any EU regulatory framework. Your capital is at risk.
eToroX launches gold and silver stablecoins
– Broadens range of assets available on their secure, regulated exchange –
eToroX, the blockchain division of global investment company eToro, has today announced the addition of two commodity-stablecoins – eToro Gold (GOLDX) and eToro Silver (SLVX), two further fiat-stablecoins – eToro Ruble (RUBX) and eToro Yuan (CNYX) – plus 15 fiat pairs to its crypto exchange.
Commenting on the news, Yoni Assia, Co-founder and CEO of eToro, said: “The blockchain brings transparency and a new paradigm for asset ownership. We believe this is the future of finance and we’ll see the greatest transfer of wealth ever onto the blockchain.
“One of the key obstacles that cryptoassets need to overcome for mainstream adoption is price stability. Stablecoins largely eliminate this hurdle, creating a more user-friendly way to interact with the blockchain. By adding eToro Gold and eToro Silver and expanding our fiat-stablecoin range to 10, we are demonstrating the vast potential offered by tokenized assets.”
The new instruments added to the eToroX exchange are:
- 2 commodity-stablecoins: eToro Gold (GOLDX) and eToro Silver (SLVX)
- 2 new fiat-stablecoins: eToro Ruble (RUBX) and eToro Yuan (CNYX)
- 17 fiat pairs: USDEX-EURX, USDEX-GBPX, USDEX-JPYX, USDEX-CHFX, USDEX-AUDX, USDEX-NZDX, USDEX-CADX, USDEX-RUBX, USDEX-CNYX, EURX-GBPX, EURX-JPYX, EUR-CHF, EURX-AUDX, EURX-NZDX, EURX-CADX, GOLDX-USDEX…
Simplicity, transparency and low risk: Here’s why Popular Investor Enmanuel Bautista chose eToro
Enmanuel (@big-profits) from the Dominican Republic has been in finance for all of his adult life. After reviewing several online trading platforms, he decided to focus on eToro, because of the platform’s ease of use and transparency. We asked him a few questions about his trading habits and strategies:
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
- Tell us a little bit about yourself
I am Enmanuel Bautista from the Dominican Republic, owner of a leading online Latin loan company. I dedicate myself to the business of finance (personal loans) and trading. Since I was a child, one of my goals has been to be independent, and eToro has helped me achieve this goal. I have never been an employee and I have been in the financial business since I was 17.
- Did you have previous experience with financial investments before joining eToro?
Yes, I used to make investments in local banks and local exchanges. In 2010, I began buying my local currency pairs EUR/DOP and USD/DOP without leverage. After that, in 2012, I tested some online brokers (3 including eToro) with binary options and trading with leverage. Following a large loss with high risk trading…
Basic Income Earth Network welcomes GoodDollar into community as first blockchain-based project at UBI-Nordic
reached a key milestone in early April by becoming the first blockchain-based project to present at an international (BIEN) event. The general reaction at , held in Oslo between April 5 and 7 and hosted by , was encouraging, according to Dr. Sarath Davala, Vice Chairman of BIEN.
“I believe it was the first time anyone from outside our regular basic income community made a presentation about blockchain and universal basic income (UBI),” he said of GoodDollar’s appearance at the three-day summit, a key event in the UBI calendar.
Strong starting point: Dr. Sarath Davala, Vice President of BIEN, said that GoodDollar’s presentation at UBI-Nordic was encouraging
BIEN was established in London in 1986 by Belgian political economist Philippe Van Parijs, and for over three decades its group of progressive-minded academics has promoted the idea of UBI.
That GoodDollar was invited to speak at UBI-Nordic and introduce itself to the basic income community, was a landmark moment for the not-for-profit research hub, which explores how decentralized cryptocurrencies and blockchain technology may enable models based on UBI.
Like most members and affiliate projects within the basic income community, GoodDollar’s driving aim is to reduce wealth inequality – yet using a global-first approach. Dr Davala, the coordinator for India Network for…
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